Smart Home Automation Market In Depth Analysis, Growth Strategies and Comprehensive Forecast 2022 to 2032

The market for smart home automation is anticipated to expand from US$ 72 billion in 2022 to US$ 168 billion in 2032, with a CAGR of 8.84% during those two years. The Internet of Things (IoT) is becoming more widely used, and as a result, machine-to-machine communication has advanced, encouraging customers to use smart home automation technologies.

The need for smart devices is anticipated to increase in the near future due to the integration of modern technologies like IoT, AI, and ML. A poll by Voicbot.ai estimates that 87.7 million US consumers were using smart speakers in January 2020. Additionally, the number of smart city initiatives is expanding globally, which is driving up demand for home automation companies.

With remote access to home accessories, consumers can control their appliances while they are away. They can also utilise video surveillance equipment to keep an eye on any activity happening within the home. For instance, One Switch, an Indian firm that specialises in smart home automation, announced the availability of franchising opportunities in February 2022.

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Eco-friendly products from smart home providers like One Switch, such as automated water sensors and motion sensors, have also contributed to lower electricity costs and an improved living environment.

Due to the high cost of the automation tools and equipment, people with average or below average disposable income find it difficult to purchase such cutting-edge services. There is polarisation in the purchase of such cutting-edge equipment because to its expensive price. As a result, it is predicted that the cost barrier will significantly constrain market expansion throughout the forecast period. Additionally, a lack of user familiarity with the technology prevents more smart home automation devices from being adopted. Consequently, complex applications and technology are anticipated to prevent market expansion in the assessment period.

Key Takeaways from the Market Study:

Global smart home automation market value to surge 2.3x from 2022 to 2032
By application, smart home automation for entertainment to experience a CAGR of 7.8% until 2032
Wireless smart home automation to be most sought after, expected to accumulate 44% revenue in 2022
North America to emerge as the fastest growing market, expanding at an 8% CAGR
Europe to be the 2^nd largest market for smart home automation, inclining at a 7.7% CAGR
Asia Pacific to present significant growth opportunities, reflecting a 7.5% value CAGR

Competition Analysis

Key players in the global smart home automation market include Control4 Corporation (U.S.), BB Ltd. (Switzerland), Crestron Electronics, Inc. (U.S.), Ingersoll-Rand plc (Ireland), Honeywell International Inc. (U.S.), Johnson Controls (U.S.), Leviton Manufacturing Company, Inc. (U.S.), Legrand SA (France), Lutron Electronics Co., Inc. (U.S.), Schneider Electric (France), and Siemens AG (Germany).

Recent Developments in the Industry include:

In July 2022, Schneider Electric launched the Wiser App to create awareness about the potential of Wiser Smart Homes. The app requires minimal rewiring and has the ability to support Google Home Assistant and Alexa which offers the needed comfort to consumers on a regular basis.
In July 2020, Johnson Controls, a renowned player for smart and sustainable buildings, launched OpenBlue, a complete suite of connected solutions and services that combine the Company’s 135 years of building experience with modern technology. The new suite of connected solutions allows previously unimaginable occupant experiences, respectful safety and security, and impactful sustainability, driven by cutting-edge connected technology.

More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global smart home automation market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of Component (Hardware, Software, Services), Technology (Cellular, Wireless, Other), Application (Security, Lighting, Entertainment, HVAC Energy Management, Smart Kitchen), Region.

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Key Segments Profiled in Smart Home Automation Market

Smart Home Automation Market by Component: